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Britam shareholders approve Kshs. 5.7 billion investment by AfricInvest Equity Fund

Britam will use the funds to accelerate property development, fresh investment in its subsidiaries and revamping its technology to enable it deliver its products via digital channels — such as mobile phones — with an eye on micro-insurance. The NSE yesterday admitted the new shares, equivalent to a 14.3 per cent stake, following the completion of the deal which makes AfricInvest the second largest investor in Britam.

Britam will use the funds to accelerate property development, fresh investment in its subsidiaries and revamping its technology to enable it deliver its products via digital channels — such as mobile phones — with an eye on micro-insurance. The NSE yesterday admitted the new shares, equivalent to a 14.3 per cent stake, following the completion of the deal which makes AfricInvest the second largest investor in Britam.

“This is a clear pronouncement of the confidence in which the market holds the long term strategy and management of the company,” said NSE chairman Sam Kimani. The firm’s share price remained unchanged at Sh13.90, valuing the company at Sh35.07 billion up from Friday’s close of Sh30.1 billion.

AfricInvest signed a deal restricting Britam’s top owners from selling their stake in the insurance firm for a period of two years.